We’re halfway through 2025, and while there’s no shortage of noise out there, here’s what I’m seeing firsthand in the Las Vegas market.
Rates are still trending higher, currently sitting around 6.63% in Nevada. Historically, that’s not outrageous — but when you combine that with today’s prices, it’s clear that affordability is still a real challenge, especially for first-time buyers trying to break into the market.
Inventory is up, with about 3.5 months of supply across Las Vegas. That’s more than we’ve seen in the past couple of years, but still short of the 5–6 months needed for a truly balanced market. Buyers have more to look at, but it’s far from saturated.
What’s moving? The homes that are priced right for today’s market — not last year’s. If it shows well, is well-marketed, and comes in at a realistic number, it’s getting activity. But the overpriced listings? They’re sitting. Period.
On the new construction side, builders are still moving homes — especially the ones offering thoughtful design, flexible floorplans, and incentives that actually make a difference for buyers looking for payment relief and help with closing costs. Mockingbird in Summerlin is a great example: gated, multigenerational layouts, and pricing from the high $800s to low $1Ms depending on finishes and lot size.
Also worth watching: Toll Brothers' Ravencrest, where interest is picking up fast, and Tripointe’s Carlisle community, which just opened its priority interest group for buyers. Both are in Summerlin West and are expected to draw strong demand going into the second half of the year.
The takeaway? Las Vegas is still a market with long-term strength — especially in Summerlin and the luxury space. But this is no longer a “throw a sign up and wait” environment for sellers. Strategy matters. So does pricing, presentation, and timing.
If you’re trying to figure out whether now is the time to buy, sell, or just prepare — I’m always here to talk through what that actually looks like.